🔥 Bitcoin Following Elliot Wave Pattern: Correction Incoming?

11 apr 2023

A couple of week ago I made an analysis on Bitcoin and the fact that we can potentially follow an Elliot Waves pattern. For now, my idea seems to hold.

With BTC breaking out this week, we're now in a huge resistance zone that goes back all the way to 2021 and 2022. Furthermore, the weekly RSI is approaching overbought territory quickly.

We can easily move up another 2,500 from here, but I think we need some serious buying to break through 32,500.

Consequentially, I think that there's a lot of investors waiting for the weekly RSI to reach overbought that either want to sell their BTC that they bought in 2023, or that look for shorting.

Not sure where the correction will bring us. For now I look at the August 2022 top around 25,200, but it could also be higher.

11 apr 2023

Nota

For some reason the numbers 2 / 32 / 25 trigger a TV ticker. Ignore it.